Californians: Free Chevy Spark EV Lease* (Expired)

Last month, we covered the free after mail-in rebate 2015 Ford Focus Electric lease. (The asterisk was to denote that the Clean Vehicle rebate varies by income: $4,000 for those earning under $35,600, making the lease effectively free, or $2,500 for practically everyone else.)

Inventories on the leftover Focus Electric were scarce, however, and dried up within days. Thankfully, now you can get a similar deal on Chevrolet Spark EV. With over 300 in stock across California, the chances of finding one are much higher. Here's what you need to know.

2016 Chevrolet Spark EV (source: www.chevrolet.com)

Lease Program - Valid Through May 2, 2016

The cost of leasing a particular car is determined by its lease program, which is set by the manufacturer, and the selling price, which is set by the dealer. Here is GM Financial's current lease program for 2016 Spark EV assuming Tier A+ and A1 credit:

  
    36-Month Lease Program
  
    10,000 Miles/Year
    12,000 Miles/Year
    15,000 Miles/Year
  
    Residual Value
    42%
    41% 
    39%
  
    Money Factor
    .00040
    .00040
    .00040

You can save money by bumping up the money factor (MF) to .00095 in order to waive the $595 acquisition fee otherwise required on GM Financial leases. To save additional money, you can go for a single-payment lease, which lowers the MF from .00095 to .00056 in this case.

Confused about the terminology? Read this.

As for incentives, there's $9,850 in GM Financial lease cash, available to all California lessees.

Selling Price

A 2016 Chevrolet Spark EV 1LT with fast charging provisions has an MSRP of $26,745. According to a third-party car shopping website, the average selling price of that model is $24,493 before incentives (Northern California zip code). Here in Southern California, a dealer is advertising $2,500 off MSRP before incentives on every Spark EV in stock.

Putting It Together

Use the lease calculator below to customize your own inputs, such as annual mileage and selling price. Every dealer sets its own selling price, depending on factors like inventory and demand. Here's a sample deal of a 2016 Spark EV assuming a $2,500 discount, excellent credit, and 10,000 miles per year.

(11/13/17: Have issues with the calculator loading? Refresh the page. We are working on a fix.)

MSRP:

Sales Price:

% off MSRP

Taxed Incentives:

Down Payment:

Acquisition Fee:

I want to pay my acquisition fee upfront.

Net Capitalized Cost:

Residual: %

( miles/yr)

Months:

Miles/yr:

Adjusting the miles changes the residual(%).

Money Factor:

APR: %

I want to pay my total lease payment upfront (single-pay lease).

Money Factor with One-Pay Lease Discount:

Monthly Payment (Excl. Tax):

Document Fee:

Registration Fee:

Sales Tax Rate: %

Tax is levied on the monthly lease payment (most states).

Tax is levied on the sales price upfront (e.g. VA, TX, GA).

Tax is levied on the total lease payment upfront (e.g. NY, MN, OH).

Monthly Payment (incl. tax):

Drive Off:

First month's Payment incl. tax:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on cap cost reduction and fees:

First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the Sales Price:

First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the total lease payment:
Tax on cap cost reduction and fees:

Leasehackr Score:

The number of years it would take for the accumulated monthly payments to exceed the MSRP. Higher is better.

Disposition Fee:

Total Lease Cost:

The total cost of leasing over the lease term, including applicable taxes and disposition fee but excluding registration/license fee and the refundable MSD payment.

As you can see, the $4,000 CVRP rebate covers the entire cost of a single-pay 36-month lease, although this time around, you'll have to pony up some of your own money to cover the upfront taxes.

Even with the standard $2,500 CVRP rebate (for individuals earning between $35,600 and $250,000 a year), a Spark EV can still be a super-cheap lease. This car comes with a 4G connection and is probably cheaper than your phone bill.